Consolidating student loans through federal government college dating site in missouri
When you choose to consolidate your federal student loans, the government will combine all your separate loans into a single new loan, known as a Direct Consolidation Loan.
Most federal student loans are eligible for consolidation, including subsidized and unsubsidized Direct Loans, subsidized and unsubsidized Federal Stafford Loans, Direct PLUS Loans, Supplemental Loans for Students (SLS), Federal Nursing Loans, and Health Education Assistance Loans.
Private lenders may be able to consolidate both private and federal loans, but you cannot roll private and federal loans into one new federal Direct Consolidation Loan.
And just because you can use private student loan consolidation to include your federal loans doesn’t mean it’s a good idea.
If you want to explore private student loan consolidation, you’ll need to work with a private lender.
Requirements and eligibility will vary from one to another.
With the new loan, you could be eligible for income-driven repayment plans and possibly even forgiveness programs that you weren’t able to use prior to consolidating.
Access to those repayment plans is one of the benefits of Direct Consolidation Loans for some borrowers.The sheer amount of information and numbers can be difficult to track.If you feel overwhelmed with managing your student loan debt, don’t panic. One way to make student loans more manageable is through consolidation.If you’re only interested in simplifying your situation and won’t take advantage of any repayment plans, consider finding other ways of tracking your debt and managing repayment.That’s because Direct Consolidation Loans have drawbacks, too.